GBP/USD Reaches Oversold Region as Buyers Resume Uptrend Above 1.3055

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Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bearish
GBP/USD is in a downtrend as buyers resume uptrend above 1.3055. The selling pressure was accelerated as buyers attempt to break the resistance at level 1.3600. Buyers retested the resistance twice before resuming downward. The pair declined to the low of 1.3027 and made another pullback. Meanwhile, the downtrend has resumed. On January 22 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 2.0 Fibonacci extension or 1.2956. From the price action, the market has reached the Fibonacci extension and it is reversing upward.

Daily Chart Indicators Reading:
GBP/USD is at level 38 of the Relative Strength Index for period 14. The market is approaching the oversold region and it is below the centerline 50. The selling pressure has resumed to the downside. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the Pound is in a downtrend. The currency pair made an initial upward correction but was repelled at the high of level 1.3300. This resulted in a further downward move. Meanwhile, on January 24 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 1.618 Fibonacci extension or 1.3078.

4-hour Chart Indicators Reading
The Pound has fallen below the 20% range of the daily stochastic. The pair is in the oversold region. The 21-day and 50-day SMAs are sloping southward indicating the downtrend.

General Outlook for GBP/USD
The Pound has reached bearish exhaustion as buyers resume uptrend above 1.3055. A further downward move is unlikely as buyers emerge in the oversold region of the market.

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